Meng is the daughter of HuaweifounderRen Zhengfei, a former Chinese military engineer worth $3.2 billion, according to Forbes magazine.
The company faces being shut out of Australia, New Zealand and U.S. 5G rollouts, and British telecom group BT revealed on Wednesday it was removing Huawei equipment from its core cellular network. This year, it dethroned Apple as the world's second largest smartphone maker.
Meng has risen in the ranks as the company has grown.
Her arrest has drawn criticism from Russian Federation and China as an example of the United States' heavy-handed policies.
"If you have infinite resources, the value of pledges diminishes", the lawyer representing Canada's attorney general said.
Meng arrived in the packed Supreme Court of British Columbia as dozens of photographers jostled outside the building.
China has demanded her release, saying there has been no wrongdoing.
Meng was arrested in Vancouver on Saturday en route to Mexico from Hong Kong.
"As the company's vice president and chief financial officer, Meng Wanzhou would have been the one who signed off on all documents", Ming said.
"At this point, it seems unlikely the arrest will derail the 90-day truce, but it makes an agreement after 90 days more hard".
The chief financial officer of China’s Huawei Technologies was arrested in Canada on Saturday Dec. 1 2018
Until Meng's bail hearing Friday, the reasons for her arrest in Canada on December 1 were shrouded in mystery.
The US and Chinese tech industries depend on each other so much for components that "it is very hard to decouple the two without punishing US companies, without shooting ourselves in the foot", said Adam Segal, cyberspace analyst at the Council on Foreign Relations.
"You should not turn a blind eye when states, as a matter of national policy, are stealing intellectual property from their competitors", he told the US-based National Public Radio.
"Huawei has never been asked by any government to build any backdoors or interrupt any networks, and we would never tolerate such behaviour by any of our staff", it said. "There are others as well".
Trump had met Xi at the weekend and agreed to a 90-day tariff truce in order to find a more permanent solution to the costly dispute, but messages since have been mixed, roiling global stock markets.
McCallum was clear that Chinese consular officials will have access to Meng "just as we seek consular access for detained Canadians around the world, including in China".
Fears the Huawei case might spark renewed US-China trade hostilities have rattled global financial markets. In August, citing a national security risk, the United States struck a blow against the policy, restricting the sale of advanced technologies to China, including semiconductors, air defence systems and satellite communication networks. Prosecutors claim that she is a flight risk due to her family's vast wealth, while the defense points out that Meng has resided with her husband and children in Vancouver for years, and had obtained permanent residence status.
The Chinese firm has recently faced scrutiny, mainly in Western states. The alleged sanctions breaches occurred between 2009 and 2014.
Christopher Balding, a China scholar at Fulbright University Vietnam, said that from China's perspective, Meng's arrest was a political escalation and the Trump administration seemed to understand that.
Meng Wanzhou, Huawei's chief financial officer, appeared in court on Friday as she sought bail in a case which has sparked a major worldwide dispute between China and the US. "And we may see (Chinese retaliation), which will embitter relations".